TORONTO, September 16, 2008 -- Star Navigation Systems Group Ltd. (TSX-V: SNA) ("Star" or the "Company"), a leading edge technology company focused on providing Aerospace Solutions to aviation operators worldwide, is pleased to announce that, at the special meeting held yesterday, shareholders overwhelmingly approved the following measures:
1. A Shareholder Rights Plan approved by the Board of Directors August 15, 2008. The Rights Plan has been adopted to ensure the fair treatment of shareholders in the event of any take-over offer for the company's common shares. The Rights Plan is not intended to prevent take-over bids that treat shareholders fairly. The company is not adopting the Rights Plan in response to, or in anticipation of, any specific take-over bid or proposal to acquire control of the company.
- Amendment of the Company Stock Option Plan to increase the number of common shares issuable under the Option Plan to approximately 20% of the issued and outstanding Common shares as at the date of the Meeting.
- Ratification of the grant of 5.2 million options to certain officers and consultants in May 2008. At the time of grant, the Company did not have a sufficient number of available options required in order to complete the grants and the options were granted subject to shareholder ratification. The amendment of the stock option plan noted above provides the required available options and the grants have now been ratified by the shareholders. Included are 700,000 options granted to Mr. Viraf Kapadia, CEO of the Company, and 600,000 options granted to Mr. Dale Sparks, Chief Technology Officer of the Company. The options granted to Messrs. Kapadia and Sparks vest over a period of 12 months, are exercisable at $0.30 per share and have a term of 5 years.
- Election of three (3) additional directors, being Mr. Dale F. Sparks, Chief Technology Officer of the Company, Mr. Robin Riedel and Mr. Shawn Saulnier, businessmen. The three new directors will serve with the five directors elected on March 10, 2008 at the last annual meeting of the Company, being Messrs. Viraf Kapadia, David Tsubouchi, Ben Soave, Ibrahim Al Hamer and Charles Wyburn.
- Authorization for the board of directors to fix the number of directors between the minimum and maximum set out in the Articles of the Company.
Each if the three new directors will be granted 300,000 options to purchase Common stock at a purchase price of $0.15 per share. The options vest over a period of 18 months and have a term of 5 years.
The Company is also pleased to announce the granting of 130,000 options at an exercise price of $0.15 to the Co-CEO of the Company, Mr. Jean-Louis Larmor. The options vest over a period of 18 months and have a term of 5 years.
About Star Navigation:
Star Navigation Systems Group Ltd. (www.star-navigation.com) owns the exclusive worldwide license to its proprietary, patented In-flight Safety Monitoring System, the first system in the world to feature in-flight data-analysis, monitoring and diagnostics with a real-time connection between aircraft and ground. Its real-time capability of tracking performance-trends and predicting incident-occurrence enhances aviation safety and improves fleet management while reducing costs for the operator.
Certain statements contained in this News Release constitute forward-looking statements. When used in this document, the words "may”, "would", "could", "will" and similar expressions, as they relate to Star or its management are intended to identify forward-looking statements. Such statements reflect Star's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause Star's actual performance or achievements to vary from those described herein. Should one or more of these factors or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Star does not assume any obligation to update these forward-looking statements.
Please visit www.star-navigation.com or contact Viraf Kapadia, CEO, viraf.kapadia@star-navigation.com ; AGORACOM Investor Relations, Investor Relations, SNA@agoracom.com, http://www.agoracom.com/ir/StarNavig...
This press release is available on the company's official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/ir/StarNavig... and view the Star Navigation IR HUB. Alternatively, investors are asked to e-mail all questions and correspondence to SNA@Agoracom.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
For further information:
Please visit www.star-navigation.com or contact
Viraf Kapadia, CEO,
viraf.kapadia@star-navigation.com;
AGORACOM Investor Relations,
Investor Relations,
SNA@agoracom.com,
http://www.agoracom.com/ir/StarNavigation
